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Acra to require corporate service providers to undergo new training

THE Accounting and Corporate Regulatory Authority (Acra) will soon require corporate service providers (CSPs) in Singapore to undergo a new training programme aimed at reducing their vulnerability to illicit activities such as money laundering and terrorism financing, it said in a press release on Tuesday.

PHOTO: SPH

THE Accounting and Corporate Regulatory Authority (Acra) will soon require corporate service providers (CSPs) in Singapore to undergo a new training programme aimed at reducing their vulnerability to illicit activities such as money laundering and terrorism financing, it said in a press release on Tuesday.

The authority will also soon issue its first set of "interpretations" of how specific legislative provisions are to be applied in practice, which will "help to provide practical solutions for non-contentious issues facing lawyers and corporate service providers without the need to clarify the law through litigation in court", it said.

"One such interpretation relates to the amalgamation of foreign companies which ACRA has already facilitated on a case by case basis for three foreign companies that have since amalgamated successfully," Acra said.

Acra chief executive Kenneth Yap announced these initiatives in a speech to over 400 CSPs on Tuesday at the inaugural CSP Conference at the Raffles City Convention Centre, the authority said.